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call." i am trish regan and we are 09 minutes into today's trading. market lower amid ben bernanke's comments and we'll talk about the fed's exit strategy and what it means for your money right now. hey there, larry. >> hey, trish. i'm larry kudlow, conflicting reports on whether there's a european plan to bail out greece. we'll have a live report from brussels and we'll discuss what needs to be done right here. good morning, melissa. >> as toyota's problems mount we ask are cars just too overengineered and sophisticated computers doing more harm than good. this is "the call" on cnbc. >>> it looked like it was going to be a positive day on this snowy morning in new york city as traders remained optimistic that there would be a bailout for greece, but then germany said there was no imminent plan and the rallies stalled and after ben bernanke announced the fed's exit strategy. take a look at how the s&p 500 is trading. it is down seven points on the day and it's two-thirds of a percentage point. take a look at the dow, it's down 59, almost 60 points and that's 0.1% and sitting below
. >> but they will be -- >> who will they be? >> ben bernanke. >> okay. senate banking committee. president holds a key health care meeting. that's why we have the white house. what else? >> snow in the northeast. it started as rain this morning for many this morning who are watching but it has turned into thick -- >> wet, heavy. >> idyllic if you're looking to -- >> don't shovel this stuff. >> well, good morning, everyone. it's good to be with you. we're here, glad you're here. i'm erin burnett. >> i'm mark haines. >> it says i'm market haines. i want everyone to know it's funny. >> yes, i noticed that. also front and center the number of u.s. workers filing initial claims for unemployment benefits rose unexpectedly last week. >> coca-cola striking a deal to buy the north american operations of its largest bottler. you just saw the ceo there. >> heinz posted $231 million profit. a lot of ketchup. >> futures are sad. >> not good. >> part of the reason for the sadness was an unexpected jump in unemployment claims. >> hum. >> much bigger jump than anticipated. a lot of people are looking through it and saying i
not agreed to anything yet. >> and ben bernanke will be releasing his ideas on how the fed is going to pull back from its current role of propping up the economy in every way, shape, and form. we're going to have that live at 10:00. i know his comments are coming out, mark. i'm not sure if he's actually going to physically be there because you know in washington it's a little snow. what are they going to do? >> i think they now have a total of 50, five zero, inches on the ground. >> yeah, yeah. >> we also have big snow issues in new york, baltimore, philadelphia, airports closed, schools closed. it's a real mess. this is a live picture. >> wow. >> well, it was a live picture of reagan national airport. it is empty. >> that's amazing. it really is. mark, you know i remember when there was a forecast of snow things would be shut down and called off and to your point pretty incredible what has been going on there. snowmageddon. that's an amazing picture, live. no one at the airport. >>> the futures right now are plus 0.70 on the s&ps. we needed 1.42 to get to fair value. so it's very close to
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
killian reporting from washington. >> testimony from said she's been bernanke kept stocks in the green yesterday -- fed chairman ben bernanke. >> good morning. ben bernanke testifies on capitol hill again this morning. today he goes before the senate banking committee. yesterday he told the house financial services committee that the economy is only at the beginning of the recovery. he says this requires the federal reserve to keep interest rates low to encourage demand by consumers and businesses. investors holding the global retreat and investors shrugged off distressing news from the housing market. sales of new homes plummeted last month to the lowest level on record. this is where we ended up. the three major u.s. indexes rose 1% yesterday. black and decker and t. rowe price and the bloomber -- led the bloomberg maryland index higher. costar says it will make more money this year than analysts predicted. toyota is not the only auto maker capturing the attention of wall street. general motors is going to shut down hummer. china said it would have flown in the face of the country's
the height of the economic crisis. ben bernanke was expected to testify but the hearing was canceled because of the snow. bernanke says the fed will likely raise it is interest rate it pays banks. raise the rate but analysts say that could hurt folks looking for consumer loans because banks have incentive to sit on their money rather than lend. this is the cycle and we're gob to move forward. bernanke says the move is months away and claims it's best for the fed to recoup the money it loaned out. you may wonder why would the federal reserve do something to make it more difficult to get loans? at the same time, the obama administration wants banks to extend loans to small business to say they can hire more workers. it's a central component of the job creation plan. major garrett has more. how can each happen at the same time, as if i didn't know? >> i've talked to senior administration officials and of course the federal reserve is an independent agency, the white house and treasury department don't like to talk about the policy but the federal reserve and government are more interlinked sinc
. the economy still requires low interest rates. ben bernanke will speak to the senate committee later this morning. the president of toyota will stay put. some executives have resigned following the scandal of the recalls. akio toyoda is the only person that can save toyota. he said the as a personal commitment to restore the trust of customers. blockbuster is closing at least 500 doors. it is looking for ways to restructure almost $1 billion of debt. consumers are turning to netflix and red box. back to you. >> thanks. >> coming up, in the look at your morning commute with traffic and weather together. >> the hockey venue at the olympics turned into stars on ice. see if team usa stays in contention for its first gold medal hopes. we will show you ♪ hey bets, can i borrow a quarter? sure, still not dry? trng to shrink them. i lost weight and now some clothes are too big. how d you do it? simple stuff. eating right and i switched to whole grain. whole grain... [ female announcer ] pele who more whole grai tend to have a healthier body weight. multigrain cheerios has who gins and 110
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
. >> fed chairman ben bernanke is not offering any clues as to when interest rates may increase. in his semiannual report to congress, he said record low interest rates are needed each ease the nation's >> obviously a deployment is the biggest problem we have. we need to find ways to address that issue. >>, has begun addressing the unemployment issue. today the senate passed a tax bill centered on tax breaks for businesses who are unemployed workers. the bill is now headed back to the house. the plan intended to fix the pension problem for the city's police officers and fire fighters require something from all parties involved, retirees, active employees, and the taxpayer. jayne miller is live in the newsroom with details. >> under these recommendations, police and firefighters might have to work longer to get benefits, and the city might have to be used to a bigger budget line item to keep the plan afloat. the recommendations released today are intended to ensure city police and firefighters get a secure retirement without breaking the bank. that is not the courts now. >> the system is
tonight. thank you. the federal reserve chairman ben bernanke laid out the blueprint for the fed's plan to recoup all the money it loaned out in the great recession and in turn winding down the stimulus program. bernanke issued a statement saying the fed will try to raise the interest rate it pays banks to keep money in the u.s. central bank. analysts say that way banks would be less inclined to put money on risky investments. but they also say that could hurt consumers because those banks would have more incentive to sit on their money and earn interest rather than lend it out to you and me. but, bernanke says the plan will not be implemented until the economy is on a firmer footing. on wall street, the stock market managed to steady itself before the closing bell today. after hearing bernanke's plans concerning the central bank, stocks suffered sharp early losses before reversing course later in the day. the market ended up just about where it started. the dow dropped 20 to close a little bit above the 10,000 mark. the nasdaq down 3. the s&p off 2. while the fed works on the financial
a big eye there. let's get a check on wall street where fed chairman ben bernanke is making investments nervous. sfoks are down after bernanke outlined the ways fed can pull back on the $1 trillion being used to prop up the economy. today's house financial services commity hearing was postponed because of the snow in d.c. the fed decided to release bernanke's prepared remarks anyway. so we are going the keep our eye on how the markets respond there throughout the day. you can see as we stand still above the 10,000 mark but down 37 points on the day. stocks are low on fears any move by the fed to pull out money from the financial system could hurt the recovery. >>> the sex scandal surrounding john edwards is back in the news. today's the deadline for former aide to turn over an alleged sex tape. senior investigative correspondent lisa myers joins me now. has he done it yet? is the plan that he will turn it over during a court hearing? >> well, as of a couple of hours ago the tape was in the sheriff's office in north carolina. and was going to be delivered to the court around 2:00 today w
the temporary effect. >> reporter: well, bernanke did say that they will have an impact on the unemployment numbers and the insurance claims. that's because the january storm hit the weak part of the information that is typically collected. >>> also tonight in your only local news at 7:00, connector disconnect. taxpayers are help paying for a shuttle that is not driving. >>> a teenager facing charges after an accident that sent two of the passengers to the hospital. >>> and boiling over, emotions get the better of some family on the last day of the hearings on that deadly metro crash. >>> i'm scott broom on the metro section in northwest washington. today, the national transportation safety board, wrapped up three days of the hearings into the june metro tragedy. >> for now, i have a bigger job. i have to go and tell my grandkids that no one is joining their job. and it is really sad. >> so you did not follow them? >> reporter: three days of hearings, exposing the glaring area leading up into the june 22 collision on the redline. an unheated warning for the electronics manufacturer for the
. there was disappointment about the economic recovery over all. ben bernanke described how the fed might increase its discount rate on what it charges bank loans. he did not say when this might happen, but the fact he said it at all was enough to shift the market's a little. and a red flag for the real- estate markets, commercial real- estate loans have the potential to go sour and iraqiya economy unless regulators prepare now for that. help could be away for distressed homeowners because they're starting a program that will allow borrowers to avoid immediate foreclosure and they can remain in their homes six months but they do have to agree to turn over the property deed at the end of that six months. president obama says that his administration is trying to beat it business friendly. that will appear in "bloomberg business week" tomorrow. i'm jane king it. back to you. >> see you back at 6:15. >> it's 29 degrees on tv hill. coming up, look at the morning commute with the traffic and weather together. >> i'm brooke hart in washington. if the blizzard is gone, but the snow drifts remain. after the cl
bernanke said last week the time is not right to raise interest rates. if we do that it will slow down the economy and make things terrible for everybody. >> how long do you think -- how much more time do you think that people have a to make a deal on a house for the tax credit? >> it expires inning aweeks so if they want to do it, do it now. >> it is mind over money friday. the phone number is 202-432- 9045. taking your questions. free financial advice. give us a ring. >>> again we want to thank our guests for participating in this week's edition of mind over money. our panel isn't going away. they will take your calls for the next 30 minutes. ask james about the tax seminar. talk to ernest about planning your lifestyle and keeping it. great group of people. howard? >> we still have pretty many snow showers toward columbia and bwi and anne arundel county. winds are still howling. that will be the case. slowly dying off this afternoon. not a bad weekend. monday looks good and next wednesday, wilter is not over yet. watch for a possible coast alp don't hate me ladies. >> we love you, ho
that the company is revamping its recall procedures. ben bernanke is telling the house committee that lower interest rates are still needed ho help the economi economy rec. home sales fell to a record low level, that is the 3rd state drop. hummer is a goner. general motors is discontinuing the brand. the deal to sell hummer to a chinese company is falling through. >>> carnival is saying that prices are going up as business picks up. that is business, i'm sandra smith. >>> coming up the president of a state school is reportedly
with another day of testimony for fed chairman ben bernanke. he will be back on capitol hill today with the second part of his twice a comeer economic report card. on wednesday he made it clear that interest rates will remain at record low leferls for at least several more months to support the recovery. the latest housing numbers show how fragile the recovery is. new home sales fell in january. toyota has apologized for the company's recent safety lapses. they took full responsibility for the problems. and the auto maker announced it will offer free at home pickup of vehicles and provide free rental cars during repairs. chrysler is warning some mini van owners of a potential problem with crash sensors. the sensors in 2005 and six town & country and dodge kara vans can crack and fail. the gas guzzling brand hummer appears to be running on empty. general motors is shutting down the brand unless a last-minute buyer steps forward. gm said on wednesday that a deal to sell hummer fell through. the brand employees about 3,000 people in the u.s. movie theaters are bracing for a flood of 3
bernanke told congress, record- low interest rates are still needed to help the economy. in his twice-a-year report to congress, bernanke said the economic recovery is still in the early stages and that moderate growth will only lead to a slow decline in the unemployment rate. >>> the ceo publicly apologized to the lapses that led to the recall of more than 8 million toyotas. akio toyoda admitted that the auto group grew too fast to stay on top of safety recalls. he says he is committed to regaining the trust of every consumer. >>> a report surprised economists who were expecting a rise in sales. while winter storms upon partly to blame, new home sales have fallen now for three straight months, despite low mortgage rates for some tax buyers. one in four homeowners owed more than their home was worth late last year. rising unemployment contributed to the rise of homeowners who are under water on their loans. for more money news, you can head to cbs money watch.com. in new york, i'm alexis christoforous. >>> coming up on wjz's eyewitness news at 4:00. from sportscaster to rape suspect,
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
efforts by raising interest rates. chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise
for interest rates in. the federal reserve will release a statement today outlining chairman ben bernanke's strategy for eventually raising rates from historic lows. the fed faces a delicate balancing act. are a rates too quickly and choke off the modest recovery. wait too long and spark inflation. no matter what the fed says it's months away from making changes. >>> the man who helped engineer the financial bailout says taxpayers will recover neve spent. henry paulsen open was interviewed by warren buffett. both agreed the government may turn a profit from the bailout. another reminder of just how tough the rob jacket is right now. the numbers show there were just under six unemployed people for every job opening and the problem may get worse before it gets better. a separate survey finds more small companies plan to cut workers rather than add them. add the camry to the list of toyotas experiencing brake problems. the automaker is recalling about 7300, 2010 camries because of a possible fluid leak that increases stopping distances. this came after toyota announced it's recalling half a
. and with dr. bernanke scheduled to speak tomorrow, our sense is that that trade will be relatively quiet here. a high volume area last week was around 1064 even. we'll probably bing bong back and forth on that trade waiting for dr. bernanke or for further developments in europe. >> what's your view, jamie, about today's trade and whether you believe in the bounce we are likely to get, at least at the open? >> well, i think the most encouraging part is that this rally is coming from european financials. you can see all those works up markedly on yesterday's trade. domestically, local ibs have been overwhelmed by this european crisis. unemployment was a great number on friday. it exceeded expectations. earnings continue to be strong. we seem to have been weighed down by euro. if that turn around and those financials continue to hold these gains, it could be very good things domestically. >> jamie, most of the guys you trade with trade according to technical analysis charts and yada yada. let me run this by you. the day before yesterday, which was a monday, right? yeah. did monday look like a sh
as soon as possible. >> fed chairman ben bernanke says jobs are the key to economic rebound. meanwhile, there is more bad news from the housing front. despite continuing tax incentives, new home sales in january unexpectedly plunged to record low. senate democrats are working on a follow-up jobs bill that is more expensive and likely more controversial. >> we have big news for all you tweeters. yahoo! in twitter have announced eight content sharing deal. yahoo! reached a similar agreement with facebook back in december. twitter will start showing up in yahoo! search results right away. after a warm reception from holiday shoppers, toys r us is extending its lay around -- led layaway program for big ticket items. >> still to come, new details on the issue of pension plans for the baltimore city police and fire departments. >> being an olympian may be tiring, but being analytic family is exhausting. how they are dealing with the how they are dealing with the >> most of us can only imagine what it is like to be an olympic athlete. but imagine what it is like to be an olympic family? it ca
. federal reserve chairman ben bernanke says the fed will likely begin tightening credit by raising the interest rate it pays to banks on money they have deposited at the central bank. that would lead to higher interest rates for consumers and businesses eventually. wall street did not like that news. the dow lost 20.26. the s&p 500 gave back 2.3. and the nasdaq dropped 3 points. there are calls for the head of the president's top counter terrorism advisor in the wake of the christmas day bombing plot. we will get some thoughts on all of the back and forth from the fox all stars after the break. all across america there are health mart towns, with health mart pharmacies that are locally owned, with pharmacists who are part of their communities. providing a unique combination of clinical expertise and personal attention. no wonder health mart has been ranked highest in customer satisfaction by jd power and associates. see if you live in a health mart town at healthmart.com we created our college of business and management... after collaborating with business leaders. we wanted our cu
reserve chairman ben bernanke. he will never be testifying today. this office will release is written testimony. that hearing has done been rescheduled debt. the treasury secretary has also been postponed. he was scheduled to testify on the fiscal year 2011 budget for the obama administration. a huge rebound yesterday as the european union will bail out of greece. one company rose over 6%. this is bloomberg news reporter for wbal tv. >> another check on weather and traffic straight ahead. >> we are still taking your answers to our watercooler question of the day. how do you plan on riding out the latest round of winter weather? email us your response to watercooler@wbaltv.com. >> here are the numbers from la. numbers from la. 15% or more on car insurance? host: did the waltons take way too long to say goodnight? mom: g'night john boy. g'night mary ellen. mary ellen: g'night mama. g'night erin. elizabeth: g'night john boy. jim bob: g'night grandpa. elizabeth: g'night ben. jim bob:'night. elizabeth: g'night jim bob. jim bob: g'night everybody, grandpa: g'night everybody. jim bob: g'nigh
obstacles to a strong, sustained economic recovery. >>> fed chairman ben bernanke was back on for day 2 of the state economy. he reaffirmed the fed's plan to help keep the interest rates low. >>> the european interest said that the 16 countries that use euro fell this month. concern will spread to other european countries. also put pressure on stocks globally. and another impact on auto recall. the owner of chrysler is asking more than 365,000 of its minivans to take them to dealers to replace crash sensors that help them control the air bag. chrysler warns the sensors can fail in 2005 and 2006 models. for more, you can head to cbs money watch.com. in new york, i'm alexis christoforous. >>> from storage to centerpiece. a dutch museum finds a masterpiece hidden away. >> they have just discovered that this paint suggest an authentic work of van gogh. it was an anonymous work of art. no one knew this van gogh painting existed as it was never referenced in any of the famous painter's letters. >> where is that van gogh that i had that i couldn't find. i need to call them about it. >> hi, thi
yesterday. fed chairman ben bernanke testifying again today on the hill. this time the senate banking committee. we got economic numbers today. we start with the good. the durable goods orders rose in nuary thanks in part to aircraft orders. the gain was the biggest since last july. first time claims for unemployment benefits jumped by 22,000 last week. not a number we want to see jump to 496,000. labor department says the weather that shut down government offices, as you well know, may have been partly to blame. if that's the case, we'll see how this week turns out, too. and akio toyoda was choking back tears after receiving standing ovation at a rally with dealers and employees on wednesday. toyoda was grilled by lawmakers for more than three hours. he says toyota's top management will include a nonjapanese person. he is criticized for not having other nationality on the board. he was asked by an assembly line worker when the company can do to restore the public's trust. responding in english, he said, let's make a better car. and general motors will shut down hummer after they a de
left the u.s. >>> ben bernanke has been sworn in for a second term as chairman of the federal reserve. bernanke vowed to preserve the fed's independence, despite a move in congress to tighten control over the central bank. >>> and preparing for a snowy weekend from 1 inch in new york to almost 2 feet in baltimore. meteorologist rob marciano tracking this massive winter storm. what's going on. feast appetizer. [dinner bell chimes] high quality ingredients like wild alaskan salmon in a delicate broth, without by-products or fillers. fancy feast appetizers. celebrate the moment. in the north of england to my new job at the refinery in the south. i'll never forget. it used one tank of petrol and i had to refill it twice with oil. a new car today has 95% lower emissions than in 1970. exxonmobil is working to improve cars, liners of tires, plastics which are lighter and advanced hydrogen technologies that could increase fuel efficiency by up to 80%. >[t:p][n:e plastics which are lighter and advanced hydrogen technologies announcer: the smallest moments can have the biggest impact on a child
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
word that ben bernanke is set to testify. >> i'm sue herera. there are some bright spots. travelers, at&t, walmart and dupont are among the dow's 30 winners. >> ppl beat the street. the ceo will join us first on cnbc. tyson foods smashing analysts' estimates. ate na pushing higher. we should get to the market. >> i'm dennis neil. let's get straight to this market action. let's go to bob pisani. >> here's a couple of headlines here. stocks close in europe at 1130, the stock market droops here. the second time in a row. guys in europe are getting concerned. they want to lighten up. second thing that happened that's important here, is dollarle rallied at the exact same moment we had yesterday. of course, what happens when that happens? it puts pressure on commodities and puts pressure on commodity stocks. all the big names in energy and the material groups on the weak side. and sharon, we saw a heck of a lot of contracts traded in oil in the last hour and a half. >> that's right. over 400,000 contracts traded today, bob, and this is the second straight day of massive contracts and massive
corps which western intelligence believes is peterheading iran's missile program. ben bernanke is outlining the central bank's plan for reeling in stimulus money once the economic recovery is more firmly rooted. the a p rights in prepared remarks to the house committee mr. burning pieces the fed will start tightening credit by boosting the interest rate it pays banks at the central bank. to an in to booktv for a three day president's day weekend beginning saturday. others inform treasury secretary henry paulson talking with warren buffett on the 2008 economic collapse. afterwards, historian and pulitzer prize winner gary wills on how the atomic bomb change the presidency and the role of the u.s. in the world. all day monday, books on american presidents. fdr, as seen on president obama and our culture on ronald reagan. for the complete schedule go to booktv.org. . it is a little under two hours. >> meeting come to order. mahatghghandi, every worthwhile accomplishment has stages drudgery and triumph. in beginning struggle and victory. the effort to add comprehensive health care
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
and country and dodge grand caravan vehicles. >>> well, fed chairman ben bernanke told congress wednesday that interest rates will remain low to support continued economic growth. >>> and the house is now set to vote on a jobs bill after the full senate passed the $15 billion measure on wednesday. >>> and just today after being released from a washington, d.c., hospital after suffering a heart attack, former vice president dick cheney is having coffee today with his former boss, president george w. bush. it is the first time the two have seen each other since they left office. >>> and a close call this week for an officer in michigan who was on the side of the road with a driver when another car came barreling towards him. he managed to jump to avoid being pinned, and amazingly, suffered only minor injuries. it is 7:15. let's head back now to matt, meredith, ann and al. >> things will be fairly quiet for the rest of the day. a little coating of snow in some areas lost i did not just off and on a snow showers and flurries. of the west as cloudy and >>> and that's your latest weather. matt?
bernanke scheduled to testify before a house committee today. but this was all about unwinding the fed's $2.2 trillion emergency liquidity programs. the hearing has been postponed but his prepared testimony will be released at the top of the hour. several economic reports also being delayed today. on wall street expect light trading volume as folks focus more on the snow and less on stocks. despite all that, the dow is expected to continue to rise after yesterday's 150-point gain. investors are hopeful thedisney network rebounded but the theme parks continue to struggle. same for the movie studios. >>> google launching a new social networking service called the google buzz. it will allow users to post photos and links to their websites. yahoo! an microsoft claim they've been running similar services for years. >>> early numbers here, looks like we're down but just ever so barely. off 12 points. 10,046. still above 10,000. nasdaq off fractionally at this time as well. >>> finally, one more note. southwest airlines has slashed its ticket prices until tomorrow. the carrier is selling one-way t
them like you hate a root canal. that means ben bernanke, you guys were the dentists. how does that make you feel the thing that everyone hates sts thing you had to do. >> i felt like i was having a root canal without anesthesia at the same time. there's a scene in my book "on the brink." and this was a day or two before we were going to need to step in and rescue citigroup. what really hit me was that i was forever going to be associated with these bailouts and the treasury secretary that did these interventions. then i said, that will be the good news. the bad news will be if we can't cobble together something that works for citigroup and it goes down, i'll be one who presides over another great depression. >> remember it was fanny and fred die and city citigroup and a whole host of other banks, ways to try to fix this without public intervention. he talks about the realization he was going to be forever knowns the guy behind the bailouts and how shocking it was. it came to him walking through the reagan library working through the citigroup stuff, the temple of free market t
let's take a short break, return, please line up here at the head of by the rile. bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our fifth symposium and they seem to get better every year, if that is indeed possible. thank you all for making this such a productive in event. all right, we will begin with our question and answer is, and because there are more of you then of view, we're going to start on this side. >> this is a question for mr. kantor. and cultural prophets redeem themselves with accurate insights? >> i am not sure that i understand the question. >> you are talking about cultural prophesied and you believe that they cannot predict accuratel
pledged in december make up half of the number needed for the training effort. ben bernanke, the chairman for the federal reserve goes to capitol hill this morning. lawmakers will question him on what he can or will the to ease the jobs crisis and make sure the economic crisis -- economic recovery lasts. you can hear the first hour on c-span radio. there is a new study showing hispanics at high-level staff positions in capitol hill are almost nonexistent. this is in spite of the fact that they make up nearly 1/6 of the u.s. population. a of a hundred senate chief of staff, only one is hispanic. there is no hispanic legislative directives -- directors and only one hispanic staff director. hispanics only hold 12 of the roughly for a 40 chief of staff jobs and only nine legislative director slots. -- 140 chief of staff jobs and only nine legislative director slots. some say that is an outrage. the european union wants to halt all executions by 2015 as a step towards abolishing the death penalty. the prime minister did not know how the eu would persuade countries like the united states, china
said --ç and i remembered s@iing this to bernanke -- i believe for theç denning wall . you guys and your friends and wall street caused the problem. even if you think the ballot as necessary, i tell you what to do. go back to the richest and saying we are putting a surtax on millionaires and billionaires to pay for the bailout. that was my view. xd and iç think what michael is talking about, there was huge frustration and anger in this countryq that government has worked to protect the interest of wall street whileç ignoring- çkow3michael talkingi] about tt that he is a father tried to send kids through college. we are putting more money into programs but we have a lot more to do. i think what people are saying and crying out for, what about us. we are working 50 or 60ç hoursa week, start worrying about us and not just the big money interests. i (jjtjr host: senator bernie sanders, thank you for coming on "washington journal." we will take a short break and will become that the discussion regarding the economy and the latinoç community but the president of la raza. fir
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
benjumped 91 points, the bernanke cold congress that though the stimulus package created jobs the unemployment rate is near 10% and job openings scarce. a particular concern because of its long-term implications for workers skills and wages is the increasing insissence of long-term unemployment. >> reporter: interest rates will stay at record low levels for the next several months because recovery from recession is expected to remain slow. the senate has passed a $15 billion job creation bill that would give tax breaks to companies that hire the unemployment and will fund infrastructure projects. 70 senators including 13 republicans voted for the bill which moves to the house. the general motors is pulling the plug on its hummer brand. the automaker was unable to complete the sale to a chinese company. it now plans to wind down operations but will still honor warranties, and provide service and spare parts to hummer owners. i'm matt cherry. >>> coming up republicans want to start from scratch on healthcare. how president obama and democrats hope to still pass the bill despite
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